BNY Mellon Named as Depositary by LightInTheBox Holding Co., Ltd. First Chinese IPO in U.S. this year
NEW YORK and HONG KONG, June 11, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by LightInTheBox Holding Co., Ltd. as depositary bank for its American depositary receipt (ADR) program. Each LightInTheBox ADR represents two ordinary shares and trades on the New York Stock Exchange under the symbol "LITB."
LightInTheBox is an online retail company that offers a wide selection of lifestyle products to consumers around the world. Their innovative, data-driven business model allows them to provide customized products at scale for optimal marketing, merchandising and fulfillment. Most of their products are sourced directly from China-based manufacturers, and they work closely with them to re-engineer their manufacturing processes to achieve timely delivery of a variety of products. The company's core lifestyle products include apparel, small accessories and gadgets, and home and garden supplies.
"We are excited to be the first Chinese company to complete an IPO in the U.S. this year," said Richard Xue, CFO of LightInTheBox. "We believe the U.S. capital market continues to have the deepest, most developed pool of investors, and listing there is consistent with our strategic approach to establishing our investor base. In bringing our company to the U.S., we chose BNY Mellon because we wanted not only a business partner with an excellent track record, but one who understands and is experienced in servicing Chinese issuers whose primary listings are in the United States."
"LightInTheBox's initial public offering heralds China's return to U.S. markets," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "We are committed to providing the company with the resources and expertise they'll need to support their strategic initiatives and the needs of their shareholders."
BNY Mellon acts as depositary for more than 2,700 American and global depositary receipt programs, acting in partnership with leading companies from 68 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of March 31, 2013, BNY Mellon had $26.3 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at bnymellon.com, or follow us on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon